The smart thinking money app.

Frequently Asked Questions

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Top Questions

Yes. Yolt is a licensed Third Party Provider and, as a venture of ING Bank N.V, is regulated by the Dutch Financial Authorities and we can be found on the FCA registerby clicking here.

Yes! As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Open Banking gives the power back to you, the customer. Instead of the banks themselves, you will own your banking data, giving you the power to share it with licensedthird parties, such as other banks, products, and services. Open Banking means that licensed providers such as ourselves can sync your bank accounts using secure APIs.

Yolt is designed to integrate your financial data in read-only mode. That means money currently cannot move in or out of your account using Yolt. You can move money between your accounts by using Yolt, once you've initiated a payment, you'll be directed to your banks online banking portal where you'll have to confirm consent before any funds are transferred.

In fact, no changes can be made to your account when you sync your account to Yolt.

We do our best to bring you the most relevant and exciting partners in Yolt. These partners might offer you better deals with all sorts of smart features.

If you choose to use one of those partners then we’ll get some commission from the partner off the back of that.

At Yolt, safeguarding your data is one of our core values.

Yolt was designed to be the only money app you need, providing smart insights but also keeping your details and data private and secure.

Yolt is a regulated Third Party Provider (TPP) and as such holds a license to operate within Open Banking.

Yolt is a venture by ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB) and as such we can be found on the FCA register

Yolt works closely with banks included in Open Banking, an initiative that connects us to the UK’s high street banks using their APIs.

It’s also worth mentioning that we are licensed as a Third Party Provider (TPP) and appear on the FCA register as part of ING Bank's Dutch banking license.

As a result of PSD2 and Open Banking, all banks in the UK are required to allow access to customer data. The Open Banking API is a great way to make this happen, but only the CMA9 (the 9 largest UK banks offering personal and small business accounts) are required to use APIs. As such, if some banks choose to use other methods, we'll use a regulated financial data provider instead.

We're constantly looking to add new banks and institutions to make Yolt useful for everyone! If you’re bank isn’t listed, you can send a request in Yolt by heading to the Settings page found in the Accounts tab and tapping on the Contact Yolt option. This means that when we add support for the bank you've requested, we'll send you an update.

You can view our list of supported banks and accounts by clicking here.

API stands for ‘Application Programming Interface’. It’s a piece of software that enables the exchange of information between programs and authorises a specific operation. Open Banking requires that several banks make APIs available, enabling individuals and third parties to access financial data securely.

Open Banking and PSD2 are often talked about as one, but they were developed separately and are now happily coming together. Open Banking is a UK initiative aiming to open up the retail banking market whereas PSD2 is EU Legislation. Whilst Open Banking and PSD2 don’t have exactly the same scope or rules, they are coming into line with each other and do open up great new solutions for everyone.

A TPP (Third Party Provider) is the name given to services like Yolt.

As a third party provider, we must be registered with, and regulated by, the FCA or a similar regulator in another EU member state. In our case, we're regulated by the European Central Bank and Dutch National Bank (as we are owned by ING Bank N.V).

If your account supports Open Banking but you can't add it, it might be because we are still in a managed rollout phase. As we work with your banks to ensure the optimal experience, we'll be easing users in phases.

If your account does not support Open Banking, you can still sync accounts using the existing method until an API is available for you to use. You can view our list of supported banks and accounts here.

For the past year we have been syncing accounts to Yolt by using a trusted banking data partner. They have been arranging the secure handling and processing of banking data for many years in the UK and other countries around the world. We still use this method for accounts that do not currently support Open Banking.

With Open Banking, we can connect directly to some banks via their own APIs, essentially cutting out the middle man.

Following the Open Banking launch in January 2018, the biggest nine banks and building societies in the UK are required to create APIs for licensed and regulated providers to access. Naturally, some banks will be ready before others. You can click here for the most updated list of available Open Banking accounts.

From January 2018, Current Accounts held with the nine largest personal and small business current account providers (referred to as the 'CMA 9') will provide Open Banking APIs. The availability of these APIs does depend on the banks taking part, as some will be available before others.

Our hope is that Open Banking will extend its reach and support API access for a wider range of products, such as savings accounts, pensions, mortgages and credit cards.

As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt and as a result have altered their terms and conditions to reflect this change. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Yolt and You

Using cutting-edge technology, Yolt provides an overview of your bank accounts. Smart insights enable you to track your finances and manage your overall spending. Use categories to see how much you’re spending on eating out, travelling or even on holidays. Then act upon it by setting budgets, monitor your subscriptions and look for better energy deals.

Yolt is not a bank, although we are a venture by ING Bank N.V. We’ve combined trusted bank grade security and processes with innovative technologies to build Yolt for you.

Right now, Yolt is only available in the UK, Italy, and France. You need to be over 18 and have a registered phone number and bank account specific to the country you're using the app in.

Yolt is totally free to download and use, and we plan on keeping it that way!

We do our best to bring you the most relevant and exciting partners in Yolt. These partners might offer you better deals with all sorts of smart features.

If you choose to use one of those partners then we’ll get some commission from the partner off the back of that.

Please send us your thoughts via the in-app option Contact Yolt found in the Settings page when you select the icon in the Accounts tab. To make things easier, we have prefilled some information for you. You can leave that as it is and add your feedback just above the text.

Yolt and Security

At Yolt, safeguarding your data is one of our core values.

Yolt was designed to be the only money app you need, providing smart insights but also keeping your details and data private and secure.

Yolt is a regulatedThird Party Provider (TPP) and as such holds a license to operate within Open Banking.

Yolt is a venture by ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB) and as such we can be found on the FCA register

• We are a registered data controller (ICO Data Protection Register)• We are a licensed Third Party Provider (Open Banking TPP) • We are supervised by the European Central Bank• We use the most up-to-date encryption• We do not sell your data to third parties• We regularly run penetration and security tests to ensure your data is protected.• We are a venture by ING Bank, and must meet the same privacy and security standards applicable to a bank.

If your bank is one of the many in the Open Banking initiative, you’ll be redirected to your own bank’s authorisation screen or app (using OAuth certification) to confirm and authenticate the connection to Yolt.

On occasion, APIs are not yet available for some accounts. For that we use a data partner which has been arranging the secure handling and processing of user details for many years in the UK and other countries around the world.

Yes. Yolt is a licensed Third Party Provider and, as a venture of ING Bank N.V, is regulated by the Dutch Financial Authorities and we can be found on the FCA register by clicking here.

Yes! As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Yolt and Your Data

For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app.

That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security.

For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app. That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security.

If you are syncing with Yolt via Open Banking, you will not be asked to share your password, other than with your bank. If you use the normal sync route, you’d sync your accounts within Yolt itself.

We respect your privacy and personal information. Yolt has been designed to provide insights while also keeping your details and data private. We will therefore only use the information that you agreed to share with us to further develop the app and provide other useful services to you. We do not sell your data.

You can delete your account at any point. We will remove your data from our systems in accordance with data protection regulations.

The quickest way to delete your Yolt account is by heading over to Accounts tab and tap on the Settings icon on the top-left corner of the screen. Select Your Profile > Delete My Account. Follow the on-screen instructions to delete your account and all associated data.

Yes. We can do this for you. Please email us at hello@yolt.com. Remember to include: Your name, phone number, and email address to verify your identity.

No.

We respect your privacy and do not sell your data.

If you do decide to leave us, your personal data is deleted in accordance with general data protection regulations (GDPR).

Please note that if you only delete the app off your phone, and not the Yolt account itself, Yolt would still have your details on record. You must ensure that you delete your account by heading to the YourProfile section in the Settings page found through the Accounts tab to delete your account completely.

At Yolt, we regularly run appropriate penetration and security tests to ensure your data is secured. As a licensed and regulated TPP, and as a venture of ING Bank N.V. we are held to the same security standards as any bank. To prevent unauthorised access or disclosure the data in our app is protected with bank level security using physical, electronic and operational measures.

As a user, you should protect your device and the contents within it. Yolt is protected by a fingerprint, PIN code or facial recognition.

We would never contact you to ask you to confirm or provide us with account information, passwords, PINs or other personally identifiable information.

If you lose your phone, you can get in touch with us and we can remotely delete your account.

Your phone number is an easy way to verify that you’re a real person. We send you a temporary security code during onboarding that activates the app before requesting a 5-digit PIN.

Due to security reasons, we cannot reset your PIN. This means you’ll have to get your recovery code (instructions below) and re-install Yolt. You'll be prompted to insert your code in the onboarding screen, and you'll be right back up and running.

Identity Verification

Know Your Customer (KYC) is a EU-wide financial service regulation that requires the verification of your identity. It is part of EU and local Anti-Money Laundering legislation, sanctions laws and is required for services under the Payment Services Directive 2 (PSD2). KYC aims to prevent corruption, terrorism, fraud and money laundering, and keeps financial services safe, clean and secure.

Basically, we need to verify that you are who you say you are. Your submission is validated against policies imposed on us under AML financial service regulations. KYC enables Yolt to be kept safe and will support the development of even more features to improve your Yolt experience.

To continue using Yolt, you will have to go through ID verification. If you don’t submit the required information or if your submission is rejected, we’re legally prevented from giving you access to Yolt and you’ll be unable to continue using the app.

The process of KYC is simple and your submission should only take a few minutes to complete. You’ll be guided through the following steps:

1. Snap a selfie

2. Answer a few questions (e.g. nationality and residential address)

3. Upload a photo of an official document (we’ll let you know what document type is required)

KYC submissions are reviewed between Monday to Friday 6am - 10pm, Saturday and Sunday 8am – 8pm. Once submitted, you’ll receive a notification to let you know if your submission was successful, rejected or if more information is required.

Yolt has been designed to provide you with smart insights while also keeping your details and data private.

The data you provide to us is safely stored in highly secured environments. As a licensed and regulated payment service provider, and as part of ING Bank N.V., we are held to the same security standards as any bank. Our technology suppliers are also bound by the same standards and measures. Your data is always stored within the European Union.

Here’s an overview of our main licenses:

• We are supervised under GDPR by the European data protection authorities

No, we respect your privacy and do not sell your data. We will use this information to verify your identity and where relevant, to update the data we hold about you. If you want to reuse this data on the Yolt Platform for other purposes (e.g. if you would like to register with a specific partner or connection that also needs to verify your identity) you can, but we will always ask for your explicit consent.

• If your ID verification is successful and you are accepted, you may continue using Yolt.

• If more information is required, this could be due to a number of reasons including: mismatched data, incorrect or damaged documents or that your selfie does not meet the necessary requirements. Please check the reason listed in the app and try again. If you require further guidance, get in touch with our customer support team at hello@yolt.com.

• If your submission has been rejected because we are unable to identify you, authenticate your identity or validate your identity against our KYC and risk management framework, your account will be suspended and you will no longer have access to the Yolt app. You’ll be able to export your data from the settings menu in the next 60 days. After this point, your account and data will be deleted in accordance with GDPR.

No. There can be several reasons why a submission might be accepted or rejected. These are based on KYC legislation, our policies, risk management framework and our business decisions. We are prevented from disclosing specific details about a submission. As we provide our service through a mobile app and to a large number of users across multiple markets, we are not able to repeat the KYC checks, conduct them in another way (such as visiting a bank branch) or apply any enhanced due diligence to investigate further.

How-to guides

To initiate a manual refresh simply head to the Accountstab and Pull down to refresh. You can also tap on the Refresh icon on the top of the page.

You can also set up sync on start, this will sync your account every time you log in to Yolt. To do this, head to the Settings page through the Accounts tab (by tapping on the cog) and toggle the Sync on Start button.

Setting a budget is quick and easy, simply follow these steps:

1. Navigate to the Actions tab

2. Tap Set & track your budget

3. Select the + icon

4. Choose the category in which you want to add a budget

5. You can then use the + & - icons to set your budget limit (this goes up and down in increments of £5)

6. Once you’ve chosen an amount for your budget, select Set

Your budget should now be added to the Budgets list!

To change the category for a specific transaction, or for a set of similar transactions (from the same merchant) simply follow these steps:

1. Tap the Transactionstab

2. Find the transaction and tap on it to open the transaction details page

3. From here you can view the current category the transaction is organised in

4. To change this, tap Edit and you’ll be prompted to select a new category

5. Then, tap either Apply to similar transactions to organise this transaction plus similar ones from the past and future in the new category

or

Apply to just one transaction to simply change this individual transaction (and none from the past/ future)

To add a new bill or subscription head over to the Transactions tab and follow these simple steps:

1. Find the transaction and tap on it to open the transaction detail page.

2. Next, tap on the 3 dots icon on the top-right hand corner of the screen and select mark as subscription.

3. Customise your subscription and once you're happy with the predicted amount, payment cycle and renewal date, tap on the Add icon on the top-right corner of the screen.

This transaction will now be in your list of bills and subscriptions and you can quickly head back to the Track bills feature found in the Actions tab to edit or remove the subscription.

To hide and unhide an account, you'll need to follow these simple steps once your accounts have finished syncing on Yolt:

Head over to the Accounts tab

Scroll down to the bottom of the page and tap on Add or customise accounts

Tap on Show or hide accounts

Select the accounts you wish to hide / unhide from Yolt

Tap Done to save your changes!

If you get a new phone, or reinstall Yolt, you can pick up right where you left off.

All you need is your 16-digit recovery code which is displayed to you when you first registered to Yolt. You can also find you 16-digit recovery code through the Settings page when you're in the Accounts tab. You will also need to have access to the phone number you first registered with (we will send a verification SMS to this number).

Simply download Yolt and tap ‘Already got an account?’ and follow the steps.

Your recovery code is a 16-character code that you need to store safely somewhere before you reinstall or log back in to your Yolt account.

Follow these simple steps to make sure you can recover your account later:

1. Head over to the Accounts tab and tap on the Settings cog on the top-left corner of the page

2. Tap on Get recovery code

3. Enter your PIN

4. Make a note of your 16-character recovery code

5. Store it in a safe place (not on your phone)

Remember:

If you want to recover your account, you’ll need access to the phone number you first registered with (we will send a verification SMS to this number).

Questions about the App

Accounts syncing via Open Banking will automatically refresh up to four times a day, and normal accounts will refresh twice a day.

You can manually refresh your accounts at any time, by pulling down on the Accounts tab in Yolt.

For security reasons, we can’t reset or resend your recovery code. If you have access to your old phone, you can log in to Yolt and view your code.

If you can’t do that, you’ll have to create a new Yolt account and sync your accounts again. But don’t worry, it only takes a few moments and you’ll still import previous spending data (although any previous budgets and recategorisation will be lost).

Not right now. As we work on creating a way to move accounts to the new Open Banking connection, you will need to remove your existing account and re-add it using the Open Banking sync method (if your bank supports Open Banking).

Yolt Pay

Yolt Pay, currently in beta, is our new payments feature which lets you initiate money transfers between your accounts and pay others using Open Banking APIs. You can now keep track of your accounts in the app and move money between them to help keep you on top of your spending!

At Yolt, safeguarding your data is one of our core values.

We respect your privacy and personal information. Yolt has been designed to provide insights while also keeping your details and data private. Yolt is a venture of ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB).

Yolt Pay uses secure Open Banking APIs to initiate payments and transfers from your accounts. In order for a payment to be processed you’re directed to your banks online banking portal to confirm the payment initiation with your bank.

Here’s an overview of our main and licenses:

• We are a registered data controller (ICO Data Protection Register in the UK)

• We are supervised by the European Central Bank through our mother company ING

• We use the most up-to-date encryption technologies

As Yolt Pay is currently in beta, we’re gradually releasing support for banks and accounts in order to squish any unwanted bugs and perfect the experience for all our users. At the moment, only certain current accounts supported by Open Banking can be used to initiate a payment via Yolt.

Can’t see your bank on the list? You can drop us a line at hello@yolt.com to set up an alert for your bank, we’ll then give you a nudge as soon as we’ve added support.

Yolt Pay, currently in beta, allows you to transfer money between your accounts and pay people you know. To Pay someone all you need is their name, sort code and account number.

Payment Initiation is a regulated financial service and here at Yolt, we’re busy building our Payment services and our marketplace of partners, and therefore we are now subject to a regulatory requirement known as ‘Know Your Customer’ (KYC).

Under KYC, Yolt is legally required to verify your identity with official documents, like a passport, driver’s licence, or ID card. It aims to prevent corruption, fraud and money laundering, and keeps financial services and your money secure. It is part of worldwide Anti-Money Laundering legislation and sanctions laws aimed against terrorists. Know Your Customer aims to prevent corruption, fraud and money laundering across financial services. By verifying your ID, we can work together to make Fintech better for everyone.

To continue keeping track of your spending and use our payments feature, we need you to verify your identity. It only takes 5 minutes!

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Yolt is a registered trade mark of ING Bank N.V. (‘ING’). ING's registered office is in Amsterdam at Bijlmerplein 888, 1102 MG, The Netherlands, Trade Register number 33031431. ING is regulated and licensed by the De Nederlandsche Bank (‘DNB’) and the European Central Bank (‘ECB’) . ING is also regulated by the Autoriteit Financiële Markten (‘AFM’) and Autoriteit Consument & Markt (‘ACM’). Information regarding supervision of ING can be obtained from DNB (www.dnb.nl), AFM (www.afm.nl) or ACM (www.acm.nl).

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